A Complete Guide to Transferring Fiat Currency from Your Crypto Exchange to Your Bank Account

Withdrawing funds from a crypto exchange to your bank account doesn’t have to be complicated. Whether you’re cashing out profits or moving funds for other reasons, here’s everything you need to know to make the process smooth and hassle-free.

Before You Start: Get Your Basics Ready

Verify Your Account First

Before attempting any withdrawal, ensure your account is fully verified. Most exchanges require identity verification and, in many cases, additional documentation for higher withdrawal amounts. This verification process typically includes:

• Submitting a government-issued ID
• Proof of address (utility bill or bank statement)
• Sometimes a selfie for face verification

The higher your verification level, the more you can withdraw. If you’re just starting out, you might hit some limits until you complete the full verification process.

Set Up Two-Factor Authentication (2FA)

Security is critical when moving money. Enable 2FA on your account using an authenticator app or SMS. This adds an extra layer of protection to your withdrawal requests.

The Core Withdrawal Process: Step-by-Step

Access Your Wallet Section

Log into your exchange account. Look for the wallet or account section—it’s typically found in the top navigation menu or under a dedicated funds area. Once there, locate the option to manage your balances and withdrawal settings.

Select the Withdrawal Option

Find and click on the withdrawal function. You’ll see different withdrawal categories, so make sure you’re in the right section for sending money to your bank rather than transferring crypto to another wallet.

Specify You Want Fiat, Not Cryptocurrency

When prompted, choose fiat withdrawal (traditional currency like USD, EUR, or GBP) rather than cryptocurrency. If you’re holding crypto profits, you’ll need to convert them to fiat first through a sell order, then proceed with the fiat withdrawal.

Pick Your Currency

Select the specific currency you want to withdraw. Common options include:

• USD (US Dollars)
• EUR (Euros)
• GBP (British Pounds)
• Other currencies depending on your location and the exchange

Choose Your Withdrawal Method

Most exchanges offer several bank transfer options. The most common are:

• SEPA transfers (for European banks)
• SWIFT transfers (for international transactions)
• Local bank transfers (if available in your region)
• ACH transfers (primarily for US-based accounts)

The method you select affects both the speed and any associated fees.

Provide Your Bank Information

Enter your banking details accurately:

• Full bank name
• Account number (IBAN for European accounts)
• SWIFT/BIC code for international transfers
• Routing number (for US accounts)
• Account holder name (must match your verified identity)

Double-check this information carefully—errors here can cause delays or failed transfers.

Enter the Withdrawal Amount

Specify exactly how much money you want transferred. Keep in mind any minimum or maximum withdrawal limits your exchange might have. These limits vary based on your verification status and the specific withdrawal method.

Review and Confirm

The exchange will display a summary showing:

• The amount you’re withdrawing
• The destination bank account (partially masked for security)
• Any applicable fees
• Estimated processing time

Review everything carefully, then submit your withdrawal request.

Complete Security Verification

If 2FA is enabled, enter the code from your authenticator app or SMS. Some exchanges may also require email confirmation as an additional security check.

What Happens Next: Processing and Timeline

Initial Processing

Once submitted, the exchange processes your request, which usually takes minutes to a few hours.

Transfer to Your Bank

The timeframe from exchange to bank varies significantly:

• SEPA transfers: Usually 1-2 business days
• SWIFT transfers: Typically 3-5 business days
• Local transfers: Can be same-day to 1 business day
• ACH transfers: Typically 1-3 business days

Money in Your Account

Once your bank receives the funds, it may take an additional day for the money to appear in your account. Some banks process faster than others.

Important Considerations Before You Withdraw

Understand the Fee Structure

Most exchanges charge a withdrawal fee, typically ranging from $1-$25 depending on the method and your location. International transfers (SWIFT) tend to be more expensive than regional options (SEPA). Some premium account tiers may offer reduced or waived fees.

Know Your Limits

Withdrawal limits are tied to your verification level. New users often have daily or monthly caps. Complete higher verification tiers if you need larger withdrawals.

Verify Bank Details Accuracy

A single mistake in your account number or SWIFT code can send your money to the wrong place or cause the transaction to fail entirely. Many exchanges offer a verification step where you can send a small test amount first—take advantage of this if available.

Check for Weekend Processing

Banks don’t process transfers on weekends. If you submit a withdrawal request Friday evening, it likely won’t process until Monday.

Watch for Hidden Charges

Beyond the exchange’s withdrawal fee, your bank may charge an incoming wire transfer fee. Check with your bank in advance to understand all costs involved.

If Something Goes Wrong

Monitor the Status

Most exchanges provide a withdrawal history showing transaction status. If you don’t see the funds after the expected timeframe, check this section first.

Contact Support

If funds don’t arrive within the stated timeline, reach out to the exchange’s customer support with your transaction ID and bank details (appropriately redacted).

Bank-Side Investigation

If the exchange confirms the transfer was sent, contact your bank to trace the incoming wire. Provide them with the transaction reference number from the exchange.

By following these guidelines, you’ll navigate the withdrawal process confidently and securely. The key is preparation, accuracy, and patience—especially when dealing with international transfers.